Sam Beatson of Nottingham University Business School says it makes sense for China to be engaging in these deals given the volume of containers China continues to deliver at accelerating rates of growth. Chinese companies are now owners of all of the major ports along the route.ĭr. The specific trade route of MSR connects China to Southeast Asia, Africa, and even Europe by sea. That same year, Chinese president Xi Jinping proposed a strategic framework of what has been dubbed the 21st Century Maritime Silk Road (MSR) - the sea route part of the broader Belt and Road Initiative (BRI). In 2013, China for the first time surpassed the United States to become the world's largest trading nation. Some of these are at key locations for maritime trade, "giving Beijing strategic dominance without having to deploy a single soldier, ship or weapon." National Security Adviser Robert McFarlane noted that China now owns 96 ports around the world. In a recent opinion piece published by the Daily Mail, former British Defense and International Trade Secretary Dr Liam Fox and former U.S. In addition, China Merchants Group, another major port developer and operator in China, says on its website that the company completed "equity acquisition of eight high-quality ports in Europe, the Middle East and the Caribbean last year alone, expanding the group's global port layout to 27 countries, 68 ports."Ĭhina’s global port expansion means Beijing now has investments in more than 100 ports in 63 countries. Its port portfolio has stretched from Southeast Asia to the Middle East, Europe and the Mediterranean. The Chinese government does not have an official platform summarizing the overall data for China’s overseas port projects, but publicly available information shows that Beijing now has a foothold in at least 100 ports in 63 countries.Īccording to data published on the COSCO official website, as of June this year, the group has operated and managed 357 terminals in 36 ports around the world. After a Greek court gave the go-ahead last month, COSCO now can raise its stake in Piraeus to 67%. COSCO bought 51% of the port’s operating company in 2016. The state-owned company's previous investment involves the acquisition of Greece’s Port of Piraeus, one of the world's most important shipping centers located at the crossroads of Europe, Asia, and Africa. If COSCO succeeds, it would be the company’s eighth port investment in Europe. Negotiations have been reportedly going well, and a deal is expected soon. And Beijing is looking for more.Įarlier this month, operations at Israel’s port of Haifa, one of the largest maritime transport hubs in Mediterranean, were handed over to China's state-run Shanghai International Port Group to run for the next 25 years.Īnother gigantic Chinese shipping company, COSCO Shipping, is poised to expand its footprint in Europe by taking a stake in the port of Hamburg. Key investments add about another 100 ports in at least 60 nations. More than 200 domestic and international flights were suspended or delayed on Friday and railway services between southern and eastern Taiwan were halted.A powerhouse in global trade, China has more shipping ports at home than any other country. Rainfall of more than 1 metre was recorded in the mountainous eastern and southern parts of the island. The storm had cut power to more than 278,000 homes across Taiwan and downed hundreds of trees in Kaohsiung. Authorities shut businesses for a second day on Friday and warned of extreme winds, landslides and floods. In southern Taiwan, the storm toppled trees and cut power to hundreds of thousands of homes. As many as 36 people were killed in the Philippines. In the Philippines, a ferry sank near Manila, killing at least 26 after frightened passengers rushed to one side of the boat and caused it to overturn. Typhoon Doksuri has already left a wake of death and destruction as it moved from the Philippines across southern Taiwan. Residents told Reuters power and water were cut in some areas of Jinjiang and Quanzhou. Social media videos showed the wind blowing a large incense burner across the ground at a temple in Jinjiang while residents tried to stop the rain from flooding into their apartments.
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